Co-Founders of Naxos Music Group and Classical Music Museum Limited Dispute Purported Acquisition of Naxos Music Group

HONG KONG, Oct. 22, 2025 /PRNewswire/ -- Klaus Heymann and Takako Nishizaki, Co-Founders of Naxos Music Group (NMG), are shareholders of the holding company of NMG, a leading producer and distributor of classical music worldwide. Naxos One Holding Limited (Naxos One) is the other shareholder of the holding company of NMG. Classical Music Museum Limited (Classical Music), a holding company focused on classical music investments, holds interests in NMG through its shareholdings in Naxos One. Today, the Co-Founders and Classical Music issued a statement disputing the validity of a purported acquisition by Kuke Music Holding Limited (NYSE: KUKE) (Kuke Music) of NMG, as described in a newsletter issued by NMG on September 30, 2025.

The statement reads:

"The newsletter issued by NMG on September 30, 2025 does not contain the whole truth and hence may mislead the general public. It appears that the purported acquisition comprises Kuke Music's purported purchase of shares of Naxos One from Desun Holding Limited (Desun) and Naxos One's purported issuance of new shares to Kuke Music (the Purported Acquisition)."

The Co-Founders commented, "We have never given our consent to the Purported Acquisition in circumstances where certain information requested by us was not provided. More importantly, Classical Music, the indirect shareholder of NMG, is currently in disputes with both Naxos One and Desun regarding the Purported Acquisition. Amongst other matters, these disputes involve Naxos One's purported issuance of new shares to Kuke Music." 

Mr. Heymann continued, "Further, on August 4, 2025, due to Beijing Kuke Music Co., Limited (Kuke Beijing)'s long-term arrears in paying NMG's licensing fees, the board members of NMG's holding company unanimously resolved to terminate NMG's collaboration with Kuke Beijing for hosting and marketing of NMG's digital services in China, effective September 30, 2025. The board members included Mr. Yu He, the de facto controller and director of Kuke Music at the time of the resolution, and the Chairman, General Manager and Legal Representative of Kuke Beijing at all material times, and Mr. Yu Long, the de facto controller and director of Kuke Music at all material times. During the relevant meeting, Mr. Yu He, both in his own capacity and on behalf of Mr. Yu Long, agreed that NMG would terminate its cooperation with Kuke Music on September 30, 2025. Mr. Yu He has since resigned as director of the holding company of NMG on September 7, 2025. Libraries such as Naxos Music Library, Naxos Spoken Word Library, Naxos Video Library, as well as subscription and download services of NMG's content on www.kuke.com should no longer be available in Mainland China from October 1, 2025 onwards."

According to public records, multiple creditors of Kuke Beijing have obtained monetary judgments against it in Mainland China, the subject matter of which includes contractual disputes. Kuke Beijing is also under various restrictive orders issued by the courts in Mainland China with regard to its spending. Kuke Beijing's current financial status is unknown. In addition, according to public records, Mr. Yu He is also subject to a number of asset-freezing orders made by courts in Mainland China; similarly, he is subject to various restrictive orders issued by the courts in Mainland China with regard to his spending.

The statement also warns that any continuation of use of NMG's digital services in Mainland China or elsewhere through Kuke Beijing, Kuke Music or companies controlled by or associated with them, whether directly or indirectly, may constitute infringement of the rights of NMG. Users should be cautious and should take independent legal advice if in doubt.

For investor and media inquiries, please contact:
naxosshareholders@christensencomms.com

source: Classical Music Museum Limited